Alaska Communications Systems Group, a full-service telecommunications provider in Alaska, announced that it had recieved a superior proposal to the Macquarie Capital and GCM Grosvenor bid, at $332m. The details of the new bidder has not been disclosed.
Under the terms of the superior proposal offer, the superior proposal bidder would acquire the company for nominal consideration of $3.4 per share, reflecting a transaction valued at approximately $332m including net debt.
Under the Macquarie/GCM Merger agreement, the company is required to pay a $6.8m termination fee to Macquarie and GCM if the Board terminates the Macquarie/GCM Merger agreement in order to enter into an agreement with the superior proposal bidder.
Alaska Communication is advised by B. Riley FBR and Sidley Austin. GCM is advised by Macquarie Group and Morgan Lewis & Bockius. Macquarie is advised by Goodwin Procter.
Private equity firm Bain Capital and HGGC completed an investment in Buildertrend, a software solutions provider. Financial terms were not disclosed.
"This partnership will drive continued investment in product development, additional services to the contractor base and strategic acquisitions that will offer significant benefits to customers and the construction industry overall," Scott Kirk, Bain Capital Partner.
Buildertrend was advised by Spurrier Capital Partners and Cooley. HGGC was advised Kirkland & Ellis. Bain Capital was advised by PricewaterhouseCoopers and Stanton PRM.
Ardian, a private equity firm, agreed to acquire PRGX Global, a recovery audit and spend analytics services provider, for $195m.
“The Ardian transaction delivers significant value for PRGX’s shareholders and marks the beginning of the next chapter of our journey with our clients. We look forward to partnering with the Ardian team to accelerate the launch and delivery of our vision of source-to-pay as fully technology-enabled, accelerating speed to value for clients globally,” Ron Stewart, PRGX President, and CEO.
PGRX is advised by Truist Bank and Troutman Pepper. Ardian is advised by Sheppard Mullin Richter & Hampton and The Neibart Group.
Providence Equity Partners, a private equity firm, completed an investment in 365 Retail Markets, a provider of self-service commerce technology. Financial terms were not disclosed.
"The market opportunity presented by unattended retail is extremely exciting. 365 has an impressive track record of driving market adoption with its end-to-end solutions and we look forward to working with the entire team through the company's next phase of growth," Jennifer Hoh, Providence Managing Director.
365 Retail Markets was advised by Sard Verbinnen & Co.
eClerx Services, a provider of business process management, completed the acquisition of Eclipse Global Holdings, a business process management, and services company conducting its business under the name Personiv. Financial terms were not disclosed.
"We have been impressed by Personiv's capabilities, which have reflected in the deep and meaningful client relationships that they have developed over the years. We feel that our two companies share a strong people and client-centric culture and are a good fit as partners. Through this acquisition, we add new clients – many in the underserved small and medium-business sector - deepen service capabilities in digital and customer care, and add finance and accounting as a service," PD Mundhra, eClerx Co-Founder and Executive Director.
Bloomberg, a financial, software, data, and media company, completed the acquisition of Second Measure, a self-serve analytics platform. Financial terms were not disclosed.
Bloomberg's leadership, scale, and complementary products will accelerate Second Measure's ability to deliver novel insights to our clients. This provides a tremendous opportunity to bring new data, tools, and methods to the market, helping to usher in a new era of company and consumer analysis," Mike Babineau and Lillian Chou, Co-Founders.
Allied, a medical cannabis manufacturer, agreed to acquire Pacific Sun Fungi, manufacturer and retailer of psilocybin. Financial terms were not disclosed.
“We were seeing many people coming through our healing retreats reporting the benefits of the micro dosing with psilocybin products. We put our best scientists to task to explore the pharmaceutical benefits of functional mushroom formulations. We truly believe that several pharma drug indications will be discovered with the products that we have. We are excited to begin this important research in the New Year,” Calum Hughes, Allied CEO and Founder.
Madison Dearborn Partners, a private equity firm, and Catania ABC Partners, a private company founded by Rich Parisi, agreed to acquire American Broadband Holding, a provider of broadband access. Financial terms were not disclosed.
"This is an exciting moment for our company and an investment partnership that we believe will propel American Broadband's future success. In Rich and MDP, we have found the right industry experts and investment partners with both extensive telecommunications experience and a clear desire to invest in the future growth of our network. I am tremendously proud of the business we've built and look forward to witnessing the bright future ahead for our company," Jane Eudy, Board of American Broadband Founder and Chairman.
Tenet withdraws from the proposed $350m hospital deal.
Hospital operator Tenet Healthcare said it no longer intends to sell two Memphis-area hospitals and certain related facilities to Methodist Le Bonheur Healthcare, following a lawsuit by a US regulator.
The US Federal Trade Commission last month filed a lawsuit aimed at stopping Methodist Le Bonheur Healthcare, which has four hospitals in the Memphis area, from acquiring two more in a deal valued at $350m.
The purchase would reduce the number of hospital systems providing general acute care in the Memphis area from four to three and give Methodist some 60% of that market.
Delaware Bankruptcy Court confirms the reorganization plan of 24 Hour Fitness.
The US Bankruptcy Court for the District of Delaware confirmed the plan of reorganization for 24 Hour Fitness, a fitness industry leader for over 35 years. With this confirmation of the plan, 24 Hour Fitness will reduce approximately $1.2bn of funded debt and expects to emerge from chapter 11 by December 31, 2020.
“The Court’s decision reinforces the strength and promise of our business strategy and our plans for the future. Most importantly, it ensures we will continue our mission of helping to transform the lives of our members every day through fitness long into the future thanks to the talented and inspirational community of 24 Hour Fitness team members and the support of our lenders and other stakeholders,” Tony Ueber, 24 Hour Fitness Chief Executive Officer.
24 Hour Fitness is advised by Ropes & Gray.
